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Do Stock Prices Really Reflect Fundamental Values? The Case of REITs
Gentry, William M. - 2004
Real estate investment trust (REIT) stock prices deviate substantially from net asset values (NAV). Using REIT data since 1990, we find large positive excess returns to a strategy of buying stocks that trade at a discount to NAV, and shorting stocks trading at a premium to NAV. Estimated alphas...
Persistent link: https://www.econbiz.de/10012467839
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An Equilibrium Analysis of Real Estate
Grenadier, Steven R. - 2003
This paper provides a unified equilibrium approach to valuing a wide variety of commercial real estate lease contracts. Using a game-theoretic variant of real options analysis, the underlying real estate asset market is modeled as a continuous-time Nash equilibrium in which developers make...
Persistent link: https://www.econbiz.de/10012469228
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Dividend Taxes and Share Prices : Evidence from Real Estate Investment Trusts
Gentry, William M. - 2001
Financial economists have debated the impact of dividend taxes on firm valuation for decades, but existing empirical evidence is mixed. In this study, we avoid certain complications inherent in previous empirical work by exploiting institutional characteristics of Real Estate Investment Trusts...
Persistent link: https://www.econbiz.de/10012470232
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The Asset Price Incidence of Capital Gains Taxes : Evidence from the Taxpayer Relief Act of 1997 and Publicly-Traded Real Estate Firms
Sinai, Todd - 2000
We provide new evidence that corporate-level investment subsidies can be substantially capitalized into asset prices by examining the relative stock price performance of publicly traded companies in the real estate industry that should have been differentially affected by the capital gains tax...
Persistent link: https://www.econbiz.de/10012470844
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Risk and Return on Real Estate : Evidence from Equity REITs
Chan, K.C. - 1990
We analyze monthly returns on an equally-weighted index of 18 to 23 equity (real property) real estate investment trusts (REITs) that were traded on major stock exchanges over the 1973-87 period. We employ a multifactor Arbitrage Pricing Model using prespecified macroeconomic factors. We also...
Persistent link: https://www.econbiz.de/10012475724
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Rational Housing Bubble
Zhao, Bo - 2013
This paper studies an economy inhabited by overlapping generations of homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners...
Persistent link: https://www.econbiz.de/10012459307
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Search for a Common Factor in Public and Private Real Estate Returns
Ang, Andrew - 2013
This paper is no longer available on-line from the NBER. A revised version of the paper has been published as "Searching for a Common Factor in Public and Private Real Estate Returns" in the Journal of Portfolio Management JPM RE 2013, Vol. 39, No. 5: pp. 120-133
Persistent link: https://www.econbiz.de/10012459469
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A Nation Of Gamblers : Real Estate Speculation And American History
Glaeser, Edward L. - 2013
The great housing convulsion that buffeted America between 2000 and 2010 has historical precedents, from the frontier land boom of the 1790s to the skyscraper craze of the 1920s. But this time was different. There was far less real uncertainty about fundamental economic and geographic trends,...
Persistent link: https://www.econbiz.de/10012459837
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The Economic Impacts of the Tobacco Settlement
Cutler, David M. - 2000
Recent litigation against major tobacco companies culminated in a Master Settlement Agreement' (MSA) under which the participating companies agreed to compensate most states for Medicaid expenses. We outline the terms of the settlement and analyze whether it was a move toward economic efficiency...
Persistent link: https://www.econbiz.de/10012470990
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Medical Liability, Managed Care, and Defensive Medicine
Kessler, Daniel P. - 2000
Because the optimal level of medical malpractice liability depends on the incentives provided by the health insurance … system, the rise of managed care in the 1990s may affect the relationship between liability reform and defensive medicine. In … this paper, we assess empirically the extent to which managed care and liability reform interact to affect the cost of care …
Persistent link: https://www.econbiz.de/10012471238